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$ 267. Bond and oath filed with the secretary of state

Before entering upon the discharge of his duties, the superintendent shall give bond to the state in the sum of twenty thousand dollars, with not less than two sureties, to be approved by the governor, conditioned for the faithful discharge of his duties; and the bond, with his oath of office and the approval of the governor indorsed thereon, shall be filed with the secretary of state. 69 v. 32, S 3.

$ 268. Duty to enforce insurance laws-

The superintendent shall see to the execution and enforcement of all laws relating to insurance. 69 v. 32, $ 3.

See note under sec. 3656.

$ 269. Deputy superintendent - Appointment - Oath

Bond-Powers and duties-Compensation-Em

ployment of clerks and experts-The superintendent may appoint a deputy superintendent having the same qualifications as the superintendent, whose appointment may be evidenced by a certificate under the official seal of the superintendent. Before entering upon the discharge of his duties, the deputy superintendent shall take the oath of office, and give bond in the sum of ten thousand dollars to the superintendent, with two or more sureties to the acceptance of the superintendent, conditioned for the faithful performance of his official duties, In case of the absence or inability of the superintendent, the deputy superintendent shall have the powers and perform the duties of the superintendent. The deputy superintendent shall receive a salary of eighteen hundred dollars per annum, and in addition, as compensation for his services for making out and forwarding annually, semi-annually, and quarterly, the interest checks and coupons accruing upon the bonds and securities deposited by foreign insurance companies, may annually charge and collect from such foreign insurance companies fees not exceeding twenty-five dollars on each one hundred thousand dollars of bonds required to be deposited by such companies. Provided, however, that the amount of such fees so retained shall not exceed in any one year more than six hundred dollars, the balance, if any, to be turned into the state treasury. The superintendent may employ from time to time such other clerks as the prompt dispatch of business requires; and he may also, from time to time, employ skilled and competent persons to examine the business and affairs of insurance companies and report thereon. 93 O. L. 292. .

$ 270. Office where-How salaries and other expenditures

paidThe office of superintendent shall be in the state house, and all salaries and expenditures of the insurance department shall be paid on the certificate of the superintendent; but no money shall be so paid out of the state treasury in excess of the amount collected from insurance companies, as provided by law. 69 v. 32, $ 4.

$ 271. Instruments under superintendent's seal to be evi

dence, and entitled to recordAny certificate, assignment, or conveyance, executed by the superintendent in pursuance of law, and sealed with his seal of office, shall be received as evidence, and may be recorded in the proper recording office in the same manner and with like effect as a deed regularly acknowledged before an officer authorized by law to take acknowledgments of deeds; and all copies of papers in the office of the superintendent, certified by him and authenticated by the seal, shall in all cases be evidence equally and in like manner as the originals. 69 v. 32, § 5.

$ 272. Examinations of companies doing business in the

stateThe superintendent, when he has reason to suspect the correctness of any statement of an insurance company doing business in the state, whether incorporated in this state or not, or that its affairs are in an unsound condition, shall make, or cause to be made by some person by him for that purpose appointed, an examination into the affairs of such company; and such company, its officers and agents, shall submit their books and business to such examination, and in every way facilitate the same, and he shall, annually, make or cause to be made, an examination of the assets of every life insurance company organized under the laws of this state, and ascertain if the same are invested in the manner prescribed by law at the date each investment was made, and also if the last preceding annual statement of assets and unpaid death claims was correct; and the expense of all examinations shall be charged to and collected of the companies examined, respectively, except that the actual expenses incurred by said examination of a life insurance company organized under the laws of this state shall be paid out of the fees paid by the insurance companies to the insurance department. 75 v. 576, S 7; 69 V. 32, § 12.

If commissioner refuses license to a foreign company because he is not satisfied as to its financial soundness after examination in good faith, mandamus will not lie to control his discretion. State ex rel. v. Moore, 42 Ohio

St. 103

$ 273. Power of examiners—May publish result

For the purposes of such examination, the superintendent, or the person or persons so appointed by him, have power to administer oaths to and examine the officers and agents of such company relating to its business and affairs; and when the superintendent deems it to the interest of the public, he may publish the result of such investigation in a newspaper printed in Columbus, and of general circulation in the state, and in one printed in the county where the principal office of such company is located. 69 v. 32, S 8.

$ 274. Proceedings against unsound companies,

When it appears to the superintendent, from examination, or otherwise, that the assets of any life insurance company, organized under the laws of the state, are insufficient to reinsure its outstanding risks, as provided by this chapter, or that the assets of any joint stock insurance company other than life, organized under the laws of this state, after deducting therefrom all actual liabilities and a reinsurance fund equal to fifty per cent of the whole amount of premiums on all unexpired risks and policies, are reduced twenty per cent or more below the capital stock required by law, he shall require the officers thereof to direct the stockholders to pay in the amount of such deficiency, within such period as he designates in such requisition; and after the superintendent issues his requisition calling for a sum to be paid by the stockholders of any company, amounting to or exceeding forty per cent of the capital, it is unlawful for the company to issue any new policies or transact any new business until the superintendent of insurance issues to such company a license, authorizing it to resume business, or until the court has rendered its decision in the case, as herein provided; but in case the requisition calls for a less amount than forty per cent of the capital, and the officers of the company, in accordance with the requisition, direct the stockholders to pay the amount required for making up the capital, and so signify to the superintendent, then it will be lawful for the company to continue business as before the issuing of the requisition, for the term of thirty days from the date thereof; and if at the expiration of the thirty days, any portion of the requisition of the superintendent remains unpaid, the company shall not issue any new policies or transact any new business until authorized by the superintendent as aforesaid. 70 v. 165, $ 9.

Dividends afterward declared may be credited by the company upon an assessment made under this section and remaining unpaid. Rhodes v. Equitable Acc. Ins. Co., 3 C. C. 501, affirmed in 27 B. 160.

$ 275. Procedure in case of default to comply with requi.

sitionIn case of default on the part of the company to comply with such requisition, the superintendent shall communicate the fact to the attorney-general, who shall apply to the court of common pleas of the county in which the principal office of the company is located for an order requiring such company to show cause why the business thereof should not be closed, and shall give to the company such notice of the pending of such application as the court directs, and the court shall thereupon proceed to hear the allegations and proof of the respective parties; or, the court shall have power to refer the application of the attorney-general to a referee, to inquire into and report upon the facts stated therein. In case it appears to the satisfaction of the court that the assets of the company are not sufficient, as aforesaid, or that the interests of the public so require, the court shall decree a dissolution of the company and a distribution of its effects; and any transfer of the stock of a company made during the pendency of such investigation shall not release the party making the transfer from his liability for losses which have occurred previous to the transfer. 70 v. 165, § 1o.

$ 276. In relation to unsound mutual insurance com.

paniesIf, upon examination, it appears to the superintendent that the assets of any company organized on the plan of mutual insurance, after deducting therefrom all actual liabilities and a reinsurance fund equal to fifty per cent of the advanced cash premiums received on all unexpired risks and policies, are insufficient to justify the continuance of such company in business, he shall proceed, in relation to such company, in the same manner as is herein required in regard to joint stock companies; and the trustees or directors of such company are hereby made personally liable for any losses which are sustained upon risks taken after the superintendent of insurance has issued his requisition for filling up the deficiency in the assets, and before such deficiency is made up; but nothing herein shall be so construed as to require any mutual fire insurance company to keep on hand any cash reinsurance reserve or funds invested in securities, other than their premium notes, when the premium notes amount in gross to three per centum of the amount at risk by the company, 70 v. 165, § 11.

$ 277. Revocation of authority to such companies

When it appears to the superintendent of insurance, from the report of the person appointed by him, or other satisfactory evidence, that the affairs of any company, partnership, or association, not organized under the laws of this state, are in an unsound condition, he shall revoke the authority granted to such company to do business in this state, and cause a notice thereof to be published in at least one newspaper published in the city of Columbus, and in the county where the general agency is located within this state; and after the publication of such notice, it is unlawful for the agents of such company to procure any new applications for insurance or to issue any new policies. 69 v. 32; $ 12.

$ 278. Record of proceedings, and report thereof,

The superintendent shall keep and preserve, in a permanent form, a full record of his proceedings, including a concise statement of the condition of each company reported, visited, or examined by him; and he shall, annually, at the earliest practicable date after the returns are received from the several companies, make a report to the legislature of the general conduct and condition of the insurance companies doing business in this state, with such suggestions as he deems expedient, including also the

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